5 Crucial Ways to Protect Against the Loss of Your Star Employees

When you own your own business, you know your star employees are the key to your continuing business success. You may be the brains and driving force behind the entire operation but who takes control of your crucial sales multiplication, or your kickass marketing strategy? Your star employee, or employees. I’m sure, like me, you don’t take your key employees for granted. But did you really stop to consider what would happen if they were suddenly not there? I’m not talking about employees leaving to take another job. I’m talking about sudden death, or disability. Not something anyone likes to consider, but if a large part of your business success rests on one or two individuals, it is definitely something you need to confront.

If you want to see your business thrive even without the input of star employees, take a look at these five stay-ahead tips.

Plan Ahead to Stay Ahead
Life is unpredictable and none of us can know what’s around the corner. But you need to look objectively at your valuable employees to assess what would happen if they never turned up to work again. Ask yourself, what would I need to do to get my business up and running without them? How much would it cost me if they were not there? Assessing your risk is key to developing a plan that allows your business to thrive, not dive.

Put Practical Strategies in Place
If you love that your business manager runs the office so efficiently you never need to ask how anything gets done, it’s time to worry. Tasks should be documented, passwords recorded, and information made available to other employees – even if it is never used. You don’t have to micromanage your stars. Just make sure that they have their processes documented in a way that another person can pick up and run with. Sure, you will get all this information eventually if the person leaves, but how much will it cost you in the process?

Get Back in Touch
Don’t rest on your laurels. No business owner should rely on the skills of one or two people to keep the business afloat. If you have been taking a step back and no longer have your finger on the pulse of the business, consider why. It is crucial to remain in control, even when your employees make you happy – and profitable.

Consider a Cash or Sinking Fund
One option to protect against the financial upheaval associated with the loss of a key member of staff is the setting up of a savings account as a source of funding in the event of loss. But think carefully about this option – given that no one knows when a tragedy is going to strike, how do you know you will have enough money in your account? It’s fine if something happens next decade, but not next week. You may also have to pay tax on your savings.

Set Up Key Employee Insurance

Key employee insurance or key man insurance is a life insurance policy you take out on your star earner, says www.mykeymaninsurance.com, and it can be a cost-effective way to provide peace of mind. Funds are available immediately on the set-up of the policy, and you are guaranteed they will cover the financial impact caused by the loss of a key employee.

Jayce Redford is a project manager in Ocere Digital Marketing.